Vote Result

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Vote to pass a bill that requires all major rules proposed by executive agencies to be approved by Congress in a joint resolution.

Highlights:

Requires executive agencies, after promulgating a new rule, submit the following materials to Congress for approval (Sec. 3):

The text of the proposed rule;

A “concise general statement” regarding the substance and purpose of the proposed rule;

A classification of the proposed rule as either major or nonmajor and an explanation of this classification;

A list of any related regulatory intentions; and

The proposed effective date of the proposed rule.

Requires executive agencies, after promulgating a new rule, submit to the Comptroller General materials including, but not limited to, the following (Sec. 3):

A cost-benefit analysis of the proposed rule; and

An assessment of whether the proposed rule imposes new limits or mandates on the private sector.

Requires that all new rules proposed by executive agencies be approved by Congress through a joint resolution within 70 days of the rule’s submission (Sec. 3).

Specifies that if a proposed rule is not approved by Congress within the 70 day period that the proposed rule is to be considered disapproved, and shall not take effect (Sec. 3).

Specifies that if a proposed rule is not approved by Congress within the 70 day limit that the same Congress cannot consider the proposed rule in question (Sec. 3).

Requires executive agencies, when submitting a new rule, also to provide a report on what existing rule will be repealed or amended and in what way in order for Congress to approve the proposed rule (Sec. 3).

Requires executive agencies to present to Congress 10% of the agency’s existing regulations for review each year for the 10 years following the passage of this bill into law (Sec. 3).

Specifies that if Congress has not passed a joint resolution of approval regarding any existing rule by the end of the 10 years period the rule shall be considered disapproved and cease to have effect.

Defines “major rule” as any rule which has resulted in or is likely to result in the following (Sec. 3):

An annual economic cost of $100,000,000 or more;

A major increase in costs or prices for consumers or other groups; and

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